Steve Keen is a heterodox economist and author. Please support this podcast by checking out our sponsors: – Weights & Biases: https://lexfridman.com/wnb – Skiff: https://skiff.org/lex – Indeed: https://indeed.com/lex to get $75 credit – NetSuite: http://netsuite.com/lex to get free product tour – InsideTracker: https://insidetracker.com/lex to get 20% off EPISODE LINKS: Steve’s Twitter: https://twitter.com/profstevekeen The New Economics (book): https://amzn.to/3zb4eg4 PODCAST INFO: Podcast website: https://lexfridman.com/podcast Apple Podcasts: https://apple.co/2lwqZIr Spotify: https://spoti.fi/2nEwCF8 RSS: https://lexfridman.com/feed/podcast/ YouTube Full Episodes: https://youtube.com/lexfridman YouTube Clips: https://youtube.com/lexclips SUPPORT & CONNECT: – Check out the sponsors above, it’s the best way to support this podcast – Support on Patreon: https://www.patreon.com/lexfridman – Twitter: https://twitter.com/lexfridman – Instagram: https://www.instagram.com/lexfridman – LinkedIn: https://www.linkedin.com/in/lexfridman – Facebook: https://www.facebook.com/lexfridman – Medium: https://medium.com/@lexfridman OUTLINE: Here’s the timestamps for the episode. On some podcast players you should be able to click the timestamp to jump to that time. (00:00) – Introduction (07:26) – Defining economics (14:26) – Schools of economics (38:45) – Karl Marx (57:00) – Labor theory of value (1:16:45) – Socialism (1:31:48) – Soviet Union (1:45:08) – China (2:05:00) – Climate change (2:27:03) – Economics vs Politics (2:35:06) – Minsky’s model (2:49:50) – Financial crisis (2:55:07) – Inflation (3:08:21) – Marxism (3:15:42) – Space and AI (3:21:47) – Advice for young people (3:25:38) – Depression (3:30:10) – Love (3:34:11) – Mortality

Economist Steve Keen explores the origins of energy blindness in modern economic theory, discussing how the massive carbon surplus has been overlooked in describing wealth and productivity. The podcast also delves into the history of economics and the role of physiocrats, the flaws in neoclassical economics, and the neglect of energy in production. The speakers analyze the relationship between energy, technology, and human creativity, and criticize economists' approach to energy and climate change.

On this Reality Roundtable, Nate is joined by Jon Erickson, Josh Farley, Steve Keen, and Kate Raworth - all of whom are leading thinkers and educators in the field of heterodox economics. In this lively discussion, each guest begins by sharing one fundamental aspect of what conventional economics gets wrong and how it could be improved in our education system. What basic assumptions about humans have led to a misunderstanding of the average person’s decision-making? What areas has economics turned a blindspot to as the foundation of our economic systems? Who is finding the models and systems that economists have created useful - and how does economics as a discipline need to change in the face of a lower energy future? In short, what we teach our 18-22 year olds around the world matters - a great deal. About Jon Erickson Jon Erickson is the David Blittersdorf Professor of Sustainability Science & Policy at the University of Vermont. He has published widely on energy and climate change policy, land conservation, watershed planning, environmental public health, and the theory and practice of ecological economics.  He advised presidential candidate Bernie Sanders on economics and energy issues. About Josh Farley Joshua Farley is an ecological economist and Professor in Community Development & Applied Economics and Public Administration at the University of Vermont. He is the President of the International Society for Ecological Economics.  About Steve Keen Steve Keen is an economist, author of Debunking Economics and The New Economics: A Manifesto. He is a Research Fellow at the Institute for Strategy, Resilience, and Security at University College in London. About Kate Raworth Kate Raworth describes herself as a renegade economist focused on making economics fit for 21st century realities. She is the creator of the Doughnut of social and planetary boundaries, and co-founder of Doughnut Economics Action Lab, based on her best-selling book Doughnut Economics: 7 Ways to Think Like a 21st Century Economist. Kate is a Senior Associate at Oxford University’s Environmental Change Institute, where she teaches on the Masters in Environmental Change and Management. She is also Professor of Practice at Amsterdam University of Applied Sciences. She is a member of the Club of Rome and currently serves on the World Health Organisation Council on the Economics of Health for All.  For Show Notes and More visit: https://www.thegreatsimplification.com/episode/rr03-erickson-farley-raworth-keen  To watch this video episode on YouTube: https://youtu.be/EC11UQD9q3w  

Steve Keen, a prominent economist known for his insights on financial instability, joins to discuss the stark economic differences between the US and Europe post-COVID. He emphasizes that the US's proactive government spending, like the Inflation Reduction Act, has fueled recovery while Europe struggles under rigid fiscal rules. Keen critiques misconceptions about national debt and highlights how US housing market dynamics boost consumer spending, in contrast to Germany's stagnation. The conversation dives into innovation, labor strategies, and the need for a rethink on economic policies.

Economist Steve Keen challenges modern economic theory, criticizes neoclassical economics, explores China's economic transformation, discusses building a sustainable economy on Mars, contrasts subjective and objective value in economic theory, critiques economists for missing the 2007 crisis, examines the interplay of energy, value, and sustainability, and advocates for Universal Basic Income and valuing human life.

Steve Keen, ein australischer Wirtschaftswissenschaftler und Kritiker der neoklassischen Ökonomie, diskutiert die Fehler der herrschenden wirtschaftlichen Ideologie. Er hinterfragt das unendliche Wachstum im Kapitalismus und betont die Dringlichkeit, ökologischen Herausforderungen zu begegnen. Zudem beleuchtet er die Rolle von Geld und Energie in der Wirtschaftstheorie sowie den Einfluss reicher Individuen auf die Demokratie. Keen plädiert für ein neues wirtschaftliches Modell, das soziale Gerechtigkeit und nachhaltige Entwicklung vereint.

Steve Keen, a notable economist and author recognized for his critiques of neoclassical economics, dives deep into the critical misunderstanding of energy's role in modern economics. He discusses how traditional models fail to account for climate risks and the evolution of economic systems from feudalism to capitalism. Keen critiques the oversimplifications of neoclassical theories and emphasizes the need for new economic models that address ecological limits. He warns of the potential authoritarian measures needed to avert ecological collapse, highlighting the urgent need for nuanced economic thinking.

Steve Keen, an accomplished economist and Honorary Professor at University College London, delves into the failures of neoclassical economics versus post-Keynesian thought. He emphasizes how complexity science and chaos theory can illuminate economic cycles of booms and busts. Keen critiques the flawed aggregation in neoclassical models and argues for integrating private debt into frameworks. He champions multi-agent modeling and government intervention in financial systems to foster stability and prevent crises, making a compelling case for rethinking economic dynamics.

Steve Keen, a renowned professor of economics known for his insights on debt and inflation, joins the discussion. He asserts that while inflation is on the horizon, it won't lead to the runaway fears some have. Keen critiques Austrian economic theories, explores the impacts of COVID-19 on supply chains, and examines the interplay between climate change and economic stability. He advocates for a new economic model that integrates environmental factors and highlights innovative investment approaches in farmland.

Dr. Michael Hudson and Dr. Steve Keen discuss the transition from industrial capitalism to finance capitalism, the concentration of wealth, the impact of debt on the economy, and the commercialization of universities. They challenge the false dichotomy of capitalism v. socialism and emphasize the need to prioritize industrial capitalism over finance capitalism. The podcast explores the influence of finance on politics, the rising private debt in America, and the negative effects of debt on industrial development and happiness. The guests also discuss the concept of a post-collapse narrative, the myth surrounding socialism and capitalism, and the commercialization of universities. Additionally, they explore the potential for reconstructing the state after the collapse of financial capitalism and discuss ideas for building a post-money world. The podcast concludes with a discussion on religious influence on sustainable economies and the frustrations in fighting neoclassical economists.